VANCOUVER , Nov. 24, 2014 /CNW/ - Amarc Resources Ltd. ("Amarc" or the
"Company") (TSX‐V: AHR;OTCBB: AXREF) is pleased to announce that it has
made a significant copper-molybdenum-silver discovery at its IKE
Project located approximately 40 kilometres northwest of Gold Bridge,
British Columbia ("BC"). Assay results received from an initial nine
hole (5,400 metre) Diamond drill program have confirmed the presence of
an important porphyry-style deposit.
The nine discovery drill holes intersected chalcopyrite and molybdenite
mineralization from surface and over a broad area, measuring 1,200
metres east-west by 600 metres north-south and to depths of
approximately 500 metres. Mineralization at IKE remains open in all
lateral directions and to depth. These holes and post-drilling
geological, geochemical and geophysical surveys completed outwards from
the drilled area indicate that the IKE porphyry system has the
potential for important-scale resource volumes. Amarc has secured
additional mineral claims in the IKE area to cover other compelling
deposit targets as well as potential infrastructure sites. A
comprehensive corporate and technical business plan is being
implemented to efficiently move IKE forward.
Highlights from the nine hole discovery drill program include:
-
247 metres of 0.42% CuEQ1 @ 0.28% Cu, 0.030% Mo and 2.0 g/t Ag
-
234 metres of 0.43% CuEQ@ 0.26% Cu, 0.040% Mo and 1.7 g/t Ag
-
92 metres of 0.41% CuEQ@ 0.31% Cu, 0.020% Mo and 2.1 g/t Ag
-
194 metres of 0.49% CuEQ@ 0.30% Cu, 0.046% Mo and 0.8 g/t Ag
-
308 metres of 0.41% CuEQ@ 0.26% Cu, 0.032% Mo and 1.8 g/t Ag
-
97 metres of 0.46% CuEQ @ 0.32% Cu, 0.030% Mo and 2.2 g/t Ag
"Our Amarc team has made an exciting new bulk tonnage porphyry
copper-molybdenum-silver discovery at IKE in the heartland of British
Columbia's producing porphyry copper mines," said Amarc Executive Chairman Bob Dickinson . "The extent, continuity and grade of the mineralization encountered
indicate important potential resource volumes. It is very encouraging
that long, continuous intercepts at IKE have returned copper equivalent
grades in the range of those for operating copper mines in the
province. Amarc is planning an expanded drill program at IKE in 2015,
with the goal of fully delineating the copper-molybdenum-silver
deposit."
A drill plan, cross sections and other maps and results from the 2014
programs are included in the new corporate presentation on the Amarc
website at (http://www.amarcresources.com).
Like many major porphyry deposits, IKE formed in a very active,
multi-stage hydrothermal system that was extensive and robust. The
footprint of the hydrothermal system at IKE is approximately six square
kilometres. More recent site exploration conducted following the 2014
discovery drilling program includes a new, high resolution airborne
magnetic survey, a copper and multi-element in talus fines geochemical
survey and a detailed Induced Polarization ("IP") ground geophysical
survey. These surveys indicate exciting expansion potential beyond the
immediate area of the IKE discovery drilling. For example, numerous
talus fines samples collected up to 800 metres southwest and 600 metres
southeast of the area drilled assayed 1,000 to 3,800 ppm copper (0.10%
to 0.38% Cu). Furthermore, the IP survey which covered only a portion
of the hydrothermal system outlined two coalescing porphyry
mineralizing systems, measuring approximately 800 metres north-south
and 2,250 metres east-west. This porphyry-style mineralization remains
open to expansion to the south and north, and is largely co-incident
with major magnetic low features. These features indicate the presence
of well-defined, broad-scale magnetite destruction zones that are
important targets for additional drilling.
Geological mapping and logging of Diamond drill core at IKE indicate the
deposit is hosted entirely by multi-phase intrusive rocks. A possible
geological analogue to guide further drilling activity at IKE is BC's
Highland Valley porphyry copper-molybdenum deposit; it has a similar
geological setting within the interior of a felsic batholith, as well
as comparable metal assemblage and grades. The regional structural
setting at IKE also includes major northwest-trending structures and
dykes, which were active in the Tertiary period during formation of the
IKE deposit. This overall setting is similar to that of many important
porphyry belts along the Cordillera in North and South America .
Results from Amarc's nine discovery drill holes are summarized in the
Table of Assay Results below.
IKE DISCOVERY
|
TABLE OF ASSAY RESULTS
|
Drill Hole
|
Dip
|
Azim
|
EOH
|
Incl.
|
From
|
To
|
Int.2,3
|
CuEQ¹
|
Cu
|
Mo
|
Ag
|
ID
|
(°)
|
(°)
|
(m)
|
(m)
|
(m)
|
(m)
|
(%)
|
(%)
|
(%)
|
(g/t)
|
IK14001
|
-45
|
0
|
742.2
|
|
55.0
|
213.7
|
158.7
|
0.38
|
0.27
|
0.020
|
2.5
|
|
|
|
|
|
242.0
|
489.0
|
247.0
|
0.42
|
0.28
|
0.030
|
2.0
|
|
|
|
|
incl.
|
242.0
|
275.0
|
33.0
|
0.43
|
0.35
|
0.011
|
4.1
|
|
|
|
|
incl.
|
284.6
|
362.5
|
77.9
|
0.44
|
0.31
|
0.027
|
2.0
|
|
|
|
|
incl.
|
372.9
|
395.2
|
22.3
|
0.45
|
0.25
|
0.045
|
1.7
|
|
|
|
|
incl.
|
404.1
|
489.0
|
84.9
|
0.50
|
0.30
|
0.045
|
1.7
|
|
|
|
|
|
528.0
|
634.6
|
106.6
|
0.28
|
0.23
|
0.009
|
1.9
|
IK14002
|
-45
|
100
|
551.1
|
|
57.3
|
180.1
|
122.8
|
0.41
|
0.32
|
0.017
|
2.5
|
|
|
|
|
|
206.0
|
494.6
|
288.6
|
0.40
|
0.24
|
0.038
|
1.6
|
|
|
|
|
incl.
|
206.0
|
440.0
|
234.0
|
0.43
|
0.26
|
0.040
|
1.7
|
|
|
|
|
and
|
206.0
|
364.0
|
158.0
|
0.45
|
0.26
|
0.046
|
1.7
|
|
|
|
|
and
|
368.5
|
440.0
|
71.5
|
0.41
|
0.27
|
0.031
|
1.7
|
|
|
|
|
|
521.7
|
551.1
|
29.4
|
0.45
|
0.15
|
0.076
|
0.6
|
IK14003
|
-60
|
180
|
419.4
|
|
10.2
|
102.0
|
91.8
|
0.41
|
0.31
|
0.020
|
2.1
|
|
|
|
|
|
282.0
|
365.0
|
83.0
|
0.20
|
0.08
|
0.029
|
0.7
|
IK14004
|
-50
|
90
|
388.6
|
|
128.0
|
189.0
|
61.0
|
0.29
|
0.13
|
0.036
|
0.9
|
IK14005
|
-60
|
0
|
772.7
|
|
32.0
|
80.0
|
48.0
|
0.27
|
0.23
|
0.007
|
1.4
|
|
|
|
|
|
269.4
|
552.3
|
282.9
|
0.44
|
0.29
|
0.038
|
0.7
|
|
|
|
|
incl.
|
269.4
|
463.2
|
193.8
|
0.49
|
0.30
|
0.046
|
0.8
|
|
|
|
|
|
602.9
|
616.1
|
13.2
|
0.33
|
0.29
|
0.009
|
0.6
|
IK14006
|
-45
|
90
|
681.8
|
|
9.0
|
75.0
|
66.0
|
0.25
|
0.21
|
0.008
|
1.3
|
|
|
|
|
|
124.0
|
574.3
|
450.3
|
0.37
|
0.24
|
0.028
|
1.7
|
|
|
|
|
incl.
|
124.0
|
432.2
|
308.2
|
0.41
|
0.26
|
0.032
|
1.8
|
|
|
|
|
and
|
124.0
|
207.8
|
83.8
|
0.43
|
0.31
|
0.026
|
2.2
|
|
|
|
|
and
|
216.4
|
258.0
|
41.6
|
0.43
|
0.30
|
0.024
|
2.8
|
|
|
|
|
and
|
381.9
|
432.2
|
50.4
|
0.72
|
0.35
|
0.088
|
1.8
|
|
|
|
|
incl.
|
441.9
|
490.0
|
48.1
|
0.46
|
0.27
|
0.044
|
1.8
|
|
|
|
|
|
671.0
|
681.8
|
10.8
|
0.33
|
0.28
|
0.007
|
2.0
|
IK14007
|
-60
|
90
|
688.5
|
|
7.9
|
24.9
|
17.0
|
0.31
|
0.22
|
0.020
|
1.1
|
|
|
|
|
|
139.5
|
167.0
|
27.5
|
0.27
|
0.06
|
0.051
|
0.5
|
|
|
|
|
|
223.0
|
274.0
|
51.0
|
0.24
|
0.05
|
0.048
|
0.5
|
|
|
|
|
|
304.0
|
411.9
|
107.9
|
0.24
|
0.12
|
0.030
|
0.7
|
IK14008
|
-45
|
90
|
788.8
|
|
135.4
|
168.0
|
32.6
|
0.30
|
0.24
|
0.009
|
2.0
|
|
|
|
|
|
233.0
|
258.5
|
25.5
|
0.34
|
0.23
|
0.023
|
1.5
|
|
|
|
|
|
278.1
|
567.0
|
288.9
|
0.37
|
0.27
|
0.022
|
1.6
|
|
|
|
|
incl.
|
287.7
|
384.3
|
96.6
|
0.46
|
0.32
|
0.030
|
2.2
|
|
|
|
|
incl.
|
418.7
|
462.8
|
44.0
|
0.38
|
0.31
|
0.015
|
1.8
|
|
|
|
|
incl.
|
484.0
|
564.0
|
80.0
|
0.38
|
0.30
|
0.018
|
1.6
|
|
|
|
|
|
605.0
|
648.0
|
43.0
|
0.25
|
0.20
|
0.012
|
1.0
|
IK14009
|
-45
|
270
|
376.1
|
|
10.5
|
200.0
|
189.5
|
0.24
|
0.16
|
0.018
|
1.1
|
|
|
|
|
incl.
|
10.5
|
98.0
|
87.5
|
0.29
|
0.20
|
0.019
|
1.4
|
1 |
Copper equivalent (CuEQ) calculations use metal prices: Cu US$3.00/lb,
Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net
smelter returns are assumed to be 100%.
|
2 |
Widths reported are drill widths, such that the true thicknesses are
unknown.
|
3 |
All assay intervals represent length weighted averages.
|
|
|
IKE has important economic potential as indicated by the copper
equivalent grades returned over long continuous drill intercepts, which
compare favourably to the range of copper equivalent grades for
reserves and resources at active BC porphyry copper (± molybdenum ±
gold ± silver) mines. For example, Mt. Milligan has proven and probable
reserves of 478 million tonnes at 0.20% copper and 0.39 g/t gold for a
CuEQ1 grade of 0.44%, and Highland Valley has proven and probable mineral
reserves of 663 million tonnes at 0.29% copper and 0.008% molybdenum
for a CuEQ of 0.32% (see websites of Thompson Creek Metals Company Inc.
and Teck Resources Limited, respectively).
At IKE, chalcopyrite and molybdenite were precipitated during at least
three stages of hydrothermal activity. The mineralization occurs as
fine to relatively coarse, mostly discrete grains, mainly as
disseminations and less commonly in fractures and veins. Multi-element
analyses returned consistently low concentrations of metallurgically or
environmentally deleterious elements. These characteristics, and the
generally low concentrations of pyrite at IKE, suggest that there is
potential to produce, clean good-grade copper and molybdenum
concentrates by standard flotation processing.
In addition to the IKE mineral property, Amarc has acquired interests in
extensive adjacent mineral tenures from two mining entities. Given the
compelling exploration results from historical programs throughout the
district (also discussed in Amarc's new corporate presentation at (http://www.amarcresources.com) and the common tendency of porphyry deposits to form in clusters, the
Company's technical team believes these properties also have potential
to host bulk-tonnage porphyry copper mineralization.
Mark Rebagliati , P. Eng., a Qualified Person as defined under National
Instrument 43-101, has reviewed and approved the technical content of
this release. All drill core was logged, photographed and cut in half
with a Diamond saw. Half core samples were sent to Activation
Laboratories Ltd ("Actlabs") in Kamloops, Canada facility (17025
accredited), for preparation and analyses. Drill core samples were
analyzed for Cu, Mo and 34 additional elements by 4 acid digestion of a
0.25 g sample followed by an ICP-AES finish. Cu, Mo, Ag, Au and 59
additional elements we also analyzed by Aqua Regia digestion of a 0.5 g
sample followed by an ICP-MS finish. As part of a comprehensive Quality
Assurance Quality Control ("QAQC") program, one standard, one in-line
replicate and one inter-laboratory duplicate were inserted into the
sample stream in each group of 20 samples, as well as one or more field
blanks in each analytical batch and then checked to ensure proper QAQC.
About the IKE Property
Amarc has the right to acquire a 100% interest in the IKE mineral
tenures from two individuals (see www.amarcresources.com).
The IKE discovery is located 40 kilometres northwest of the historical
mining community of Gold Bridge in an area of wide U-shaped valleys
bounded by ridges within the Coast Range. The district has long been
explored for its numerous showings of copper, molybdenum, gold and
silver mineralization. Amarc's discovery core drilling program was
located above tree line within a large and barren cirque. Although
current access to the property is by helicopter, there is good
infrastructure in the region. Mainline logging roads which lead east to
Gold Bridge are located 20 kilometres to the south of IKE. Power,
railways and highways are all available in the area of Gold Bridge and
the nearby town of Lillooet .
Amarc is committed to constructive engagement and building positive
long-term relationships with all communities in the region, including
mutually beneficial partnership agreements with Aboriginal groups (see
Amarc corporate presentation at (http://www.amarcresources.com). The Company also continues to build on positive relationships with
regulators, supporting government's consultation duties to assist with
timely and fair regulatory decision-making.
About Amarc Resources Ltd.
Amarc is a British Columbia -based mineral exploration and development
company with an experienced and successful management team that is
focused on advancing the IKE project, a major porphyry copper discovery
in the heartland of BC's copper mining industry.
Amarc is associated with Hunter Dickinson Inc. (HDI) a diversified,
global mining company with a 25 year history of porphyry discovery and
development success. Previous and current HDI porphyry projects include
some of the Provinces' and worlds' most important mineral resources,
such as Mt. Milligan, Kemess, Gibraltar , Prosperity, Xietongmen,
Florence, Sisson, Maggie and Pebble. From its head office in Vancouver,
Canada , HDI applies its unique strengths and capabilities to acquire,
develop, operate and monetize mineral properties to provide superior
returns to shareholders.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
Chief Executive Officer
Neither the TSX Venture Exchange nor any other regulatory authority
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This presentation includes certain statements that may be deemed
"forward-looking statements". All such statements, other than
statements of historical facts that address exploration drilling,
exploitation activities and other related events or developments are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward-looking statements. Assumptions used by the
Company to develop forward-looking statements include the following:
Amarc's projects will obtain all required environmental and other
permits and all land use and other licenses, studies and exploration of
Amarc's projects will continue to be positive, and no geological or
technical problems will occur. Factors that could cause actual results
to differ materially from those in forward-looking statements include
market prices, potential environmental issues or liabilities associated
with exploration, development and mining activities, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary permits, licenses and tenure
and delays due to third party opposition, changes in and the effect of
government policies regarding mining and natural resource exploration
and exploitation, the exploration and development of properties located
within Aboriginal groups asserted territories may affect or be
perceived to affect asserted aboriginal rights and title, which may
cause permitting delays or opposition by Aboriginal groups, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on Amarc Resources
Ltd., investors should review the Company's annual Form 20-F filing
with the United States Securities and Exchange Commission at
www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.